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Crypto & Web3CoinDesk ·

Binance Arranges $6.34 Billion to Cover Losses From Record Crypto Hack

Binance has set aside its own funds to cover losses from a crypto hack valued at about $6.3 billion, which the exchange describes as record-breaking. The company has also frozen roughly $3 billion of the stolen assets. The reserved funds are meant to make affected users whole, with the exchange drawing on its own capital rather than customer deposits. The article provides limited detail on the timing and method of the attack. The hack underscores the scale of recent security breaches across the cryptocurrency sector.

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Crypto & Web3CoinDesk ·

Ethereum upgrade enabled attacker to drain part of Binance funds

A bad actor exploited a 2025 Ethereum upgrade, which was designed to give standard wallets smarter functionality, to move assets out of Binance's holdings. The attacker reportedly used 50 signatures associated with Binance's own wallet to authorize the transfers. The episode is linked to part of a roughly $6 billion loss reported by the exchange. The article explains how the upgrade's features contributed to the drain. Further details on the scope and remediation were not specified in the source excerpt.

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Crypto & Web3CoinDesk ·

Strategy CFO Andrew Kang resigns as firm reports record quarterly profit; MSTR shares drop 6%

Strategy's chief financial officer, Andrew Kang, has stepped down from his role. The departure coincides with the company reporting $21 billion in quarterly operating income, a record for the firm. Strategy also disclosed that it holds 848,517 bitcoin on its balance sheet. Despite the strong earnings, the company's MSTR stock fell 6% following the news.